As a result of the evolving real estate market and challenges presented by an unstable economy, leaders from five REALTOR® Associations decided to take on the task of creating tools to increase the professionalism of REALTORS®, and in this application, during the Short Sale process. In the earliest discussions, the Workgroup found that one of the most pressing needs was a guideline of common assumptions to facilitate the process.

The ubiquitous nature of this form of transaction means there is risk to Practitioners as well as Consumers. The risks escalate for Practitioners because of the layering on by MLS policies, the VREB and the REALTOR® Code of Ethics.

This Reference Guide is one part of the ongoing effort of the Ethics Dialogue Workgroup to provide better education and tools for REALTOR® members. This Guide will be updated with the best and latest recommended practices dealing with distressed properties.

It’s important to stress that these are only guidelines and do not take the place of the Broker’s application of established office practices. They are designed to be a reference mirroring the market place at the time of creation. Practitioners are always encouraged to seek the advice of their Brokers and if necessary legal counsel.

The Associations of the Ethics Dialogue Group proudly offer the Reference Guide as a tool for its members to use to serve clients with utmost professionalism. These Associations are committed to ongoing monitoring of the marketplace and offering education and useful tools to their members.